File #: ID 2024-272    Version: 1 Name:
Type: Resolution Status: Filed
File created: 8/19/2024 In control: City Commission Budget Hearing
On agenda: 9/9/2024 Final action: 9/9/2024
Title: APPROVING THE PROPOSED MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2024/2025 IN THE AMOUNT OF 7.5667 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES 0.4496 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 7.1171 IS 8.89% HIGHER THAN THE ROLL-BACK RATE OF 6.5360.
Attachments: 1. RESOLUTION

 

TO:                     Mayor and City Commission

 

FROM:                     Cale Curtis, City Manager

 

DATE:                     September 9, 2024

 

 

Title

APPROVING THE PROPOSED MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2024/2025 IN THE AMOUNT OF 7.5667 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES 0.4496 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 7.1171 IS 8.89% HIGHER THAN THE ROLL-BACK RATE OF 6.5360.

 

Body

 

BACKGROUND:                     The proposed FY 2024/2025 millage for the City is 7.5667 mills per thousand dollars of assessed valuation including 0.4496 mills for voted debt service. The operating millage rate for FY 2024/2025 of 7.1171 was not increased from FY 2023/2024.   Total proposed millage decreased by 0.0337 from the prior year. 

 

RECOMMENDATION:                     Approve.

 

 

FISCAL IMPACT:                     As per Fiscal Year 2024/2025 budget.

 

 

CONTACT PERSON:                                          Ismael Diaz, Finance Director